Test Equation:

Dependent Variable: D(GFCF)

Method: Least Squares

Date: 11/26/21 Time: 16:59

Sample: 2005Q3 2018Q4

Included observations: 54

Variable

Coefficient

Std. Error

t-Statistic

Prob.

D(GFCF(−1))

0.959778

0.042112

22.79125

0.0000

D(AVA)

1.979520

1.179993

1.677569

0.1014

D(AVA(−1))

−2.315213

0.980735

−2.360690

0.0233

D(IVA)

0.904825

0.174640

5.181096

0.0000

D(IVA(−1))

−0.923622

0.157383

−5.868618

0.0000

D(GFCF)

0.320533

0.083956

3.817892

0.0005

D(GFCF(−1))

−0.329167

0.094764

−3.473540

0.0013

D(CC)

−9.061087

1.249179

−7.253635

0.0000

D(CC(−1))

8.432392

1.069322

7.885739

0.0000